PHILIPPE DUPUIS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PHILIPPE DUPUIS
Largest movements
- Receivables within one year -€97,784
down €97,784 (-25.5%), from €383,906 to €286,122
of which Trade receivables: -€105,494
- Cash +€20,713
up €20,713 (+10.8%), from €192,230 to €212,943
mainly Receivables within one year (+€97,784) and Net result for the year (+€61,818)
- Tangible fixed assets -€15,898
down €15,898 (-29.1%), from €54,597 to €38,699
of which Furniture and vehicles: -€16,911
- Tax, wage and social debts -€118,025
down €118,025 (-94.5%), from €124,850 to €6,825
of which Taxes: -€108,893
- Profit (loss) carried forward +€61,818
up €61,818 (+15.0%), from €412,592 to €474,410
- Trade debts -€44,342
down €44,342 (-63.9%), from €69,373 to €25,031
- Gross operating margin -€91,714
down €91,714 (-19.8%), from €463,000 to €371,286
- Taxes -€26,969
down €26,969 (-55.5%), from €48,584 to €21,615
- Depreciation +€5,190
up €5,190 (+33.3%), from €15,594 to €20,784
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €762,433 | €661,783 | -€100,650 | -13.2% |
| Fixed assets | 21/28 | €56,507 | €40,609 | -€15,898 | -28.1% |
| Tangible fixed assets | 22/27 | €54,597 | €38,699 | -€15,898 | -29.1% |
| Plant, machinery and equipment | 23 | €5,198 | €4,715 | -€483 | -9.3% |
| Furniture and vehicles | 24 | €46,164 | €29,253 | -€16,911 | -36.6% |
| Other tangible fixed assets | 26 | €3,235 | €4,731 | +€1,496 | +46.2% |
| Financial fixed assets | 28 | €1,910 | €1,910 | = | 0.0% |
| Current assets | 29/58 | €705,925 | €621,174 | -€84,751 | -12.0% |
| Stocks and contracts in progress | 3 | €122,167 | €114,658 | -€7,509 | -6.1% |
| Stocks | 30/36 | €92,747 | €86,858 | -€5,889 | -6.3% |
| Contracts in progress | 37 | €29,420 | €27,800 | -€1,620 | -5.5% |
| Amounts receivable within one year | 40/41 | €383,906 | €286,122 | -€97,784 | -25.5% |
| Trade receivables | 40 | €383,906 | €278,412 | -€105,494 | -27.5% |
| Other amounts receivable | 41 | - | €7,710 | +€7,710 | |
| Cash at bank and in hand | 54/58 | €192,230 | €212,943 | +€20,713 | +10.8% |
| Deferred charges and accrued income | 490/1 | €7,623 | €7,451 | -€172 | -2.3% |
| Total equity and liabilities | 10/49 | €762,433 | €661,783 | -€100,650 | -13.2% |
| Equity | 10/15 | €517,359 | €579,177 | +€61,818 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,167 | €86,167 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €5,250 | €5,250 | = | 0.0% |
| Distributable reserves | 133 | €80,917 | €80,917 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €412,592 | €474,410 | +€61,818 | +15.0% |
| Amounts payable | 17/49 | €245,074 | €82,606 | -€162,468 | -66.3% |
| Amounts payable within one year | 42/48 | €245,074 | €82,606 | -€162,468 | -66.3% |
| Trade debts | 44 | €69,373 | €25,031 | -€44,342 | -63.9% |
| Suppliers | 440/4 | €69,373 | €25,031 | -€44,342 | -63.9% |
| Taxes, remuneration and social security | 45 | €124,850 | €6,825 | -€118,025 | -94.5% |
| Taxes | 450/3 | €108,893 | - | -€108,893 | |
| Remuneration and social security | 454/9 | €15,957 | €6,825 | -€9,132 | -57.2% |
| Other amounts payable | 47/48 | €50,851 | €50,750 | -€101 | -0.2% |
| Remuneration, social security and pensions | 62 | €262,560 | €264,141 | +€1,581 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,594 | €20,784 | +€5,190 | +33.3% |
| Other operating charges | 640/8 | €1,799 | €2,811 | +€1,012 | +56.2% |
| Gross operating margin | 9900 | €463,000 | €371,286 | -€91,714 | -19.8% |
| Operating profit (loss) | 9901 | €183,047 | €83,550 | -€99,497 | -54.4% |
| Financial income | 75/76B | €74 | €87 | +€13 | +17.5% |
| Recurring financial income | 75 | €74 | €87 | +€13 | +17.5% |
| Financial charges | 65/66B | €869 | €204 | -€665 | -76.5% |
| Recurring financial charges | 65 | €869 | €204 | -€665 | -76.5% |
| Profit (loss) for the period before taxes | 9903 | €182,252 | €83,433 | -€98,819 | -54.2% |
| Income taxes | 67/77 | €48,584 | €21,615 | -€26,969 | -55.5% |
| Profit (loss) for the period | 9904 | €133,667 | €61,818 | -€71,849 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €133,667 | €61,818 | -€71,849 | -53.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.